Spain’s unemployment rate falls further in March

Spain’s unemployment figures are at their lowest for a decade.

The number of jobless in Spain fell by a further 47,697 in March according to national government data. This fall takes the total number of those out of work in Spain to 3,422,551 – the lowest figure for a decade…

That decade has been punctuated by periods of sustained job losses and heightened employment insecurity, but since 2014 the Spanish economy’s steady recovery has gradually returned stable jobs to the country’s populace.

At its highest, unemployment topped four million in 2012, and at one point the youth unemployment rate – those aged between 18 and 25 – stood at more than 50%.

Seasonal variations have always had an impact on Spain’s jobless figures, with the summer months traditionally stronger as hotels and restaurants expand their workforce during the high season. However, even in January this year, which is typically a poor month for employment growth in Spain, the jobless number fell, which strongly suggests that the nation has strengthened its economy on solid foundations.

March’s figures reveal that the proportion of Spaniards out of work is 7.56% lower so far in 2018 than it was in 2017, with an additional 279,766 jobs added over the course of last year.

While the majority of the recent job additions are in the hospitality sector, there was also encouraging growth in agriculture (449 new jobs) and construction (1,592 new jobs), the data showed.

This all means that the number of Spain’s Social Security contributors is now 18,502,088 – the first time since 2008 that the country has had more than 18.5 million people paying into the Social Security system. As a result, the government has more tax money at its disposal, and the hope is that this extra cash can be steered towards infrastructure, healthcare, pensions and education improvements.